[Adopted 6-10-2008 by Res. No. 2008-58]
A.
The City of Las Cruces (the "city") has formed a tax
increment development district (the "district") in downtown Las Cruces
within Doña Ana County which includes or will include commercial
and government offices, retail uses, residential housing and workforce
housing; and
B.
Pursuant to the Tax Increment for Development Act,
NMSA §§ 5-15-1 though 5-15-28 (the "Act"), the City
has submitted an application (the "application") requesting dedication
of 75% of the County local option gross receipts tax increment and
property tax increment generated within the district for the purpose
of securing tax increment revenue bonds to be issued by the District;
and
C.
The application states that the purpose of the district
is to provide financing for the following street improvement projects
(collectively, the "project"):
(1)
Main Street from Griggs to Lohman, including the roundabout
at Bowman Avenue: $1.5M.
(2)
Main Street from Las Cruces Avenue to Picacho, including
roundabout at Lucero: $2.3M.
(3)
Water Street conversion to two-way: $1.5M.
(4)
Church Street conversion to two-way: $1.6.
(5)
Las Cruces Avenue between Church and Alameda: $1.3M.
(6)
Griggs Avenue between Church and Alameda: $1.3M.
(7)
Organ Avenue between Campo and Main: $0.35M.
(8)
Court Avenue between Church and Water: $0.40M.
(9)
Hadley Avenue between Church and Water: $0.25M.
(10)
May Avenue between Church and Water: $0.30M;
and
D.
The application includes a copy of the tax increment
development plan for the district pursuant to NMSA § 5-15-5
of the Act (the "tax increment development plan"); and
E.
It is anticipated that the district will issue bonds
secured by gross receipts tax increment and property tax increment
to finance a portion of the costs of the public infrastructure improvements
within the district with a final maturity not later than 25 years
following the issuance of the first bonds by the district; and
F.
In accordance with the Act, the city and district
are seeking approval of the dedication of 75% of the County option
gross receipts tax increment and property tax increment generated
with the district; and
G.
The application, including the tax increment development
plan, is on file with the County Clerk, and the city has provided
all other necessary information requested by the County in relation
to the district and the act.
Based upon the Application, the tax increment
development plan, and other information submitted, and pursuant to
NMSA § 5-15-15F of the Act, the dedication of 75% of the
County local option gross receipts tax increment and property tax
increment generated within the district to secure tax increment revenue
bonds issued by the district to finance necessary public infrastructure,
and to otherwise pay costs of such public infrastructure, for the
projects located within Doña Ana County, is hereby approved.
An amount of 75% of the County local option
gross receipts tax increment and property tax increment generated
within the district may be dedicated for the purpose of securing tax
increment bonds issued by the district.
All resolutions and orders in conflict herewith are, to the extent of such conflict, hereby repealed, and this article shall be in full force and effect from and after its effective date as set forth in § 305-48 herein.
The dedication of the gross receipts tax increment
shall take effect on July 1, 2008. The dedication of the ad valorem
property tax increment shall take effect immediately.
